StockNews.com Initiates Coverage on Provident Financial (NASDAQ:PROV)

StockNews.com assumed coverage on shares of Provident Financial (NASDAQ:PROV) in a note issued to investors on Wednesday. The brokerage set a “hold” rating on the financial services provider’s stock.

Separately, Piper Sandler reduced their target price on Provident Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th.

Provident Financial Price Performance

Provident Financial stock opened at $13.50 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 1.91. The company has a 50-day moving average price of $15.19 and a 200 day moving average price of $15.33. Provident Financial has a 12-month low of $12.01 and a 12-month high of $16.70. The stock has a market cap of $90.33 million, a P/E ratio of 14.84 and a beta of 0.35.

Provident Financial (NASDAQ:PROV) last announced its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13). Provident Financial had a return on equity of 4.81% and a net margin of 10.39%. During the same quarter last year, the company posted $0.31 EPS. Sell-side analysts anticipate that Provident Financial will post 0.9 earnings per share for the current year.

Institutional Trading of Provident Financial

Several institutional investors have recently added to or reduced their stakes in PROV. Northern Trust Corp lifted its stake in Provident Financial by 25.9% during the fourth quarter. Northern Trust Corp now owns 26,464 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 5,445 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Provident Financial by 5.1% in the 4th quarter. Empowered Funds LLC now owns 26,964 shares of the financial services provider’s stock valued at $429,000 after buying an additional 1,307 shares during the period. Black Maple Capital Management LP lifted its stake in Provident Financial by 8.9% during the 4th quarter. Black Maple Capital Management LP now owns 31,128 shares of the financial services provider’s stock worth $495,000 after acquiring an additional 2,557 shares in the last quarter. Fourthstone LLC purchased a new position in Provident Financial during the 3rd quarter valued at about $991,000. Finally, The Manufacturers Life Insurance Company grew its position in Provident Financial by 7.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 334,789 shares of the financial services provider’s stock valued at $5,326,000 after acquiring an additional 23,117 shares in the last quarter. Institutional investors and hedge funds own 71.34% of the company’s stock.

Provident Financial Company Profile

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The company's deposit products include checking, savings, and money market accounts, as well as time deposits; and loan portfolio consists of single-family, multi-family, commercial real estate, construction, mortgage, commercial business, and consumer loans.